Ethereum (ETH) Price Prediction: Coinbase Buying Picks Up as ETH Eyes a $2,720 Breakout

Ethereum price is consolidating near $2,680 as buyers attempt to maintain the recovery and push through the next resistance zone. The market is showing signs of improving demand, but ETH still needs a confirmed breakout before a larger move towards $2,900 and $3,000 becomes more convincing. According to the Brave New Coin snapshot from September 28, Ethereum is trading around $2,683.33, down 0.36% over the past 24 hours, with trading volume of approximately $17.2 billion.

Ethereum’s immediate challenge is the resistance that has developed around $2,710-$2,720. Despite recovering from its recent lows, price has yet to establish sustained acceptance above this region, leaving buyers and sellers competing for control of the next directional move.

Famous technical analyst Trader XO identifies $2,720 as the level that could trigger another upside expansion. The analyst’s preferred scenario involves Ethereum price reclaiming this resistance and rotating towards Monday’s highs, followed by the $2,900 region and the yearly opening level. The four-hour Stochastic indicator is also beginning to reset, potentially creating room for another recovery attempt.

However, the breakout needs confirmation. If ETH fails to establish itself above $2,720, the analyst’s broader $2,300-$2,700 trading range would remain relevant. That leaves $2,650 as an important nearby support area, while a stronger rejection could bring lower levels back into focus.

Ethereum needs sustained acceptance above $2,720 to strengthen the case for a move towards $2,900. Source: Trader XO via X.

Another technical setup suggests Ethereum price may be preparing for a second upward move following its initial recovery. After the first leg higher, ETH has entered a relatively narrow consolidation, allowing the market to establish support before another potential breakout.

Ethereum’s potential bullish checkmate pattern highlights the $2,650-$2,710 range as the key area for a possible second upward move. Source: Trader Symba via X.

Trader Symba highlights a possible bullish checkmate pattern on the daily chart. The formation consists of an initial advance, a period of sideways consolidation, and a potential second expansion. In the current setup, the analyst identifies approximately $2,650-$2,710 as the reaccumulation range.

The next confirmation would come from buyers defending $2,650 and pushing ETH price above $2,710. A successful breakout could bring $2,800 into focus, followed by $3,000 if momentum continues. Conversely, a decisive move below the consolidation support would weaken the pattern and suggest that the market needs more time before attempting another rally.

Ethereum buying activity is picking up across major exchanges as Ethereum price recovers from its recent pullback. The latest trading data suggests that selling pressure is easing, with buyers becoming more active around the $2,640-$2,650 region. CW8900 highlights a key shift in Coinbase activity, noting that the exchange recorded net buying in the previous session, followed by very limited selling in the latest session.

Ethereum buying activity is strengthening across Coinbase, Binance and OKX, with reduced Coinbase selling pressure accompanying the latest price recovery. Source: CW8900 via X

The accompanying charts also show improving buying activity on Binance and OKX, with the recovery extending beyond Coinbase rather than being concentrated on a single exchange.

This broader improvement in demand is encouraging for Ethereum’s short-term outlook. Continued buying across Coinbase, Binance and OKX could help ETH price maintain its recovery and challenge the $2,710-$2,720 resistance zone. However, a sustained breakout is still needed to confirm that buyers have regained control.

Institutional accumulation is providing another important development for Ethereum’s broader outlook. According to an update on X, BitMine purchased an additional 17,362 ETH during the previous week, bringing its total Ethereum holdings to approximately 6 million ETH.

The purchase adds to the company’s substantial ETH position and highlights its continued exposure to Ethereum. Accumulation of this scale is relevant because it reflects ongoing institutional interest even as the market experiences periods of volatility.

However, institutional buying does not guarantee an immediate price increase. Ethereum price still needs sufficient market-wide demand to overcome nearby resistance. For now, BitMine’s growing holdings provide a supportive longer-term backdrop while traders watch for confirmation of the next technical breakout.

Ethereum’s near-term price prediction depends on whether buyers can maintain the current consolidation and establish a breakout above the resistance cluster around $2,710-$2,720. The latest technical setups leave room for another upward move, but the market has not yet confirmed that expansion.

The immediate levels to watch are:

• $2,650: The main support level within the current consolidation. Holding it would preserve the developing bullish setup.
• $2,710-$2,720: The immediate breakout zone. Sustained acceptance above this area would strengthen the recovery.
• $2,800-$2,900: The next upside resistance region if buyers confirm the breakout.
• $3,000: The larger psychological target if ETH maintains its upward momentum.

A successful break above $2,720 would shift attention towards $2,800, with $2,900-$3,000 becoming relevant if buying pressure continues. On the downside, losing $2,650 would weaken the recovery and increase the possibility of a deeper retest towards $2,600-$2,550.

Ethereum’s outlook is improving as technical consolidation overlaps with stronger buying activity and continued institutional accumulation. The developing bullish pattern suggests that another upward move is possible, although the market still needs to clear its immediate resistance before that scenario gains confirmation.

Ethereum price is trading at around $2,683, down 0.36% in the last 24 hours. Source: Brave New Coin

The coming sessions will be important for determining whether ETH can turn $2,710-$2,720 into support. A confirmed breakout would bring $2,900 and $3,000 into focus, while another rejection could extend the current consolidation. For now, defending $2,650 remains essential to keeping the near-term recovery intact.